Conflict of interest - Code of Ethics Review
Initial feedback on the draft revised Code of Ethics, placed on the web site on 1 April, continues to be positive. It is now time to focus our attention on the Guidelines on Professional Conduct.
As mentioned in my video presentation, some specific issues such as whisteblowing and expert witness covered in the guidelines in the 2000 Code of Ethics will intentionally not be covered in the proposed Guidelines on Professional Conduct – expert witness is covered off in Federal Court Guidelines; whistleblowing in legislation. The general consensus is that in practical terms such matters are better dealt with in the ethics awareness program.
In my next blogs I will further explain why some other issues and detail have been included/excluded from the draft Guidelines on Professional Conduct, starting with conflict of interest.
“Avoid perceived or actual conflict of interest” is listed as a principle under Value 3 Personal and Professional Integrity in Part B Values and Obligations in the consultation draft. Feedback has been that the issue was misplaced as a principle within the Code of Ethics per se and that it ought to be addressed in the Guidelines on Professional Conduct.
Asking members to ‘avoid conflict of interest’ at all cost is generally regarded as naïve. In practice, there would be very few of us who have not been faced with situations of conflict of interest. In reality, there are times when it cannot be avoided. In ethical terms, what members really ought to be expected to do is to manage conflict of interest appropriately and in doing so to disclose any conflicts to relevant parties. Transparency of the conflict, how it is managed and how the various parties deal with it are key considerations in managing and addressing conflicts of interest.
‘Managing conflicts of interest appropriately’ and ‘ensuring that those conflicts are disclosed to relevant parties’ seem to capture the conduct members should reasonably be expected to observe when faced with conflicts or interest, be they perceived or actual.
What are your views?
For more information about the Code of Ethics Review please click here.
